August 18, 2023: Modex today unveils Modex Compliance, an exciting addition to its flagship product, Modex Recruit. The exclusive new compliance feature is designed to revolutionize the way financial institutions engage with their communities. By harnessing the power of robust census data, this tool empowers banks, credit unions, and depositories to meet their Community Reinvestment Act (CRA) goals with ease.
The unique capabilities of Modex Compliance enable institutions to seamlessly align their efforts with CRA objectives. When CRA goals require attention in particular regions, the tool acts as a compass, allowing institutions to identify loan officers who specialize in those regions. By recruiting such loan officers and ensuring continued service in those communities, financial institutions can align with their CRA objectives with more efficiency than ever before.
With the new feature comes three new filters: census diversity, census income, and census CRA criteria. Census diversity captures the racial and ethnic composition of neighborhoods a loan officer primarily serves. Census income examines census tract income, and census CRA criteria assesses data points like poverty, unemployment, distress, and location remoteness.
These filtering capabilities extend across loan officers, branches, and entire companies. Detailed pages for each offer insights into population diversity, income levels, and other relevant metrics. Customers in the banking, depository, and credit union sectors should reach out to Modex for further feature and pricing information.
“Modex Compliance makes navigating the intricacies of Community Reinvestment Act (CRA) compliance more straightforward than ever. We’re proud to offer a powerful solution that will enable banks, credit unions, and depositories to translate their CRA goals into action.” – Dale Larson III, CEO
Founded in 2015, Modex is a technology startup on a mission to create new solutions that drive the mortgage industry forward and make hiring better for everyone. Its platform enables mortgage professionals to make smart employment and business decisions by providing key mortgage, real estate and consumer insights on every loan officer, branch, and company across the U.S. Having become one of the fastest-growing technology startups in the mortgage industry, Modex continues to innovate for its customers and expand the company’s footprint nationwide.